About Stewart B. Herman

Stewart Herman represents clients in commercial- and business-aircraft transactions. With more than 30 years' experience structuring, negotiating, and documenting transactions for aircraft and other asset classes, Stewart has been recognized as a leading lawyer for the aviation industry in The Legal 500 US. He helps clients close their transactions on time, avoid risks and position their companies for further growth.

30 years' experience closing aviation transactions

Stewart advises on leasing, sale and financing transactions, including leveraged leases, domestic and cross-border operating leases, portfolio acquisitions and securitizations, predelivery payment financings, maintenance agreements, and bankruptcy and workout transactions. His clients include leasing companies, commercial and investment banks, aircraft and engine manufacturers, airlines, monoline insurance companies and funds. He frequently speaks at aviation conferences and writes for trade and legal publications. He previously served as a law clerk to the Honorable Murray C. Goldman, Philadelphia Court of Common Pleas.


Representative Experience

  • Represent one of the world's leading aircraft leasing companies since its founding in a variety of transactions including portfolio acquisitions using debt and equity funds, portfolio dispositions, and operating leases.
  • Exclusive counsel to a US fund as equity investor in cross-border structured aircraft lease financings featuring senior and junior amortizing and nonamortizing bank debt and equity notes. Transactions include:
    • Sale-leaseback of four B777-200 aircraft to a major Asian airline.
    • Sale of E-Notes in structured financing of four Boeing B737-800 aircraft on lease to a major Asian airline.
    • Purchase and structured refinancing of one B777-300ER aircraft on lease to Air France.
    • Purchase and structured refinancing of two Airbus A330-300 aircraft on lease to Hong Kong Airlines.
    • Purchase and structured refinancing of two Airbus A330-300 aircraft on lease to a major Asian airline.
    • Purchase and structured refinancing of another two Airbus A330-300 aircraft on lease to a major Asian airline.
    • Purchase and structured refinancing of three Airbus A330-200 aircraft on lease to Turkish Airlines.
    • Structured sale-leaseback of four new Boeing B737-800 aircraft with a major Asian airline.
    • Sale of E-Notes in structured financing of four Boeing B777-200 aircraft on lease to a major Asian airline.
    • Structured sale-leaseback of four new Airbus A320-200 aircraft with a major Asian airline.
  • Represented a US private equity fund in the purchase through a new leasing company of 51 Boeing 737 classics plus 40 spare CFM56-3B1 engines from Southwest Airlines, and the onward leasing and sale of the aircraft, airframes and engines.
  • Represented a US leasing company in the purchase and ABS refinancing of 14 Boeing and Airbus aircraft subject to existing leases to eight airlines outside the United States.
  • Represented the liquidator of the portfolio of a German landesbank in the sale of four loans, each secured by one Embraer E190 aircraft in the fleet of Republic Airways.
  • Represented a German bank in the workout of loans secured by four Airbus A340-500 aircraft coming off lease to Emirates.
  • Represented a US investment bank as equity investor in the sale-leaseback of aircraft for American Airlines.
  • Represented arranger in the proposed securitization of more than 40 Eximbank-guaranteed aircraft loans.
  • Represented an Irish leasing company in the refinancing of one Airbus A320-200 aircraft on lease to Indigo.
  • Represented an on-demand airline in the pre-delivery payment and acquisition financing of approximately 30 new Bombardier Challenger 300 and Cessna Citation X jets.
  • Represented a syndicate led by a Swiss bank in a warehouse financing for AerCap.
  • Represented a syndicate led by a Swiss bank in a warehouse financing for Avolon.
  • Represented a major international airline in negotiating a series of flight-hour-based engine maintenance agreements with GE, Rolls-Royce, MTU, and Pratt & Whitney, covering the off-wing maintenance of the airline's entire engine fleet.
  • Represented the leasing-company subsidiary of a US industrial company in the restructuring in bankruptcy of the long-term leveraged leases of approximately 100 Boeing 737 and 757 aircraft on lease to American Airlines. Also represented client in litigation over tax-indemnity claims and the trading of unsecured claims against the lessee.
  • Represented US investment bank in the trading of allowed claims in US airline bankruptcies.
  • Represented several US and international leasing companies in a variety of aircraft transactions including aircraft sales and dispositions, secured loans, and operating leases.
  • Represented major US and international airlines in a variety of aircraft transactions including sale-leasebacks, operating leases, securitizations, export-credit-agency financings, secured bank loans, and aircraft sales.